When You Know You are in Safe Hands

In today’s rapid lifestyle, we often overlook the purchase of health insurance. You need it, you want it, but unfortunately, you don’t know enough of it to make a firm decision. As an employer, if you are thinking of facilitating your employees with a health insurance cover, you may be uncertain in the face of something that is saddled with so much of perplexity. Possibilities are that you are unaware of the prized benefits that come with a group health insurance plan that not only secure the health of employees but help the employer to retain talent. This article will dispel all your uncertainties regarding group health insurance-- what it is, how it protects you or how it can be purchased for your team members- irrespective of whether they’re health insurance pro or insurance newbies.

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Whom do you want to insure?

  • Employee, spouse & kids

  • Employee only

Among the various perks of Corporate Insurance, group health insurance tops the list. It grasps the predominant place due to the irrefutable benefits associated with the plan. In the time of medical inflation or economic uncertainty, it is crucial to have a health plan in place. And it is even more appreciated if your medical expenses are defrayed by a generous benefit package. 

What is Group Health Insurance?

Group health coverage simply refers to a single plan, issued to a group belonging to a common organization that covers all appropriate employees and sometimes their dependents as well. The employer decides a premium price based on the risk factors combining the entire group. By offering corporate health insurance, an employer tends to help its employees for their medical needs.  In India, being an endemic phenomenon, every single organization emphasizes on including medical insurance as a part and parcel of its employees’ benefits. 

Group health insurance

Why You Should Buy Group Health Insurance

Group Health Insurance

Helps in Retaining Talent: Everyone at the time of switching or seeking a new job tends to consider the benefits being provided by the employers health insurance being the most preferred option an employee can look for. At the time of switching, employees do compare all that they were offered by the previous organization and all that is being given by the new one.

Boosts Productivity: With a group health insurance plan, an employee thinks that the employer is taking care of their health along with the family. This in turn offers mental peace which further leads to increased productivity. Overall, it benefits the employer substantially.

Added Health Coverage: Corporate health insurance works as an additional health coverage if the insured has an individual health plan already. This way, one can enjoy health coverage in an extended manner.

Ensures Job Satisfaction: Medical insurance plan offered by an organization ensures job satisfaction of the employees. This encourages the employees to stay with the organization for a longer period. They feel satisfied with the benefits that are being offered by the employer which retains them for a long time.

Helps in Becoming ‘Employee Oriented Company’: Under group health insurance, health benefits are being offered to the employees’ families as well. This way an employer can win the trust of his/her employees as an ‘employee oriented company’ and achieve its employment goals.

Your Rescuer During Medical Emergencies: Similar to other health insurance plans, group health insurance also provides an individual with the desired financial assistance in case of a medical emergency. One single hospitalization is enough to wipe away the entire life savings of a middle class family. With health insurance, one is neither over-burdened financially nor does one have to compromise on the quality of medical care.

Can Ensure Employees’ Loyalty: By seeing the employers giving priorities to respective employees, it urges them to adopt an attitude of showing loyalty towards the employer. This ensures a workplace that comprises loyal manpower. 

Employee health insurance

Top Corporate Health Insurance Plans in India

Plan Name Service Provider Benefits Covered Pre/Post Hospitalization
HDFC ERGO Group Medical Insurance HDFC ERGO

1. Hospitalization costs including room rent, nursing costs, surgeon, consultant fee, anesthetist fee, OT charges, medicine costs, X-ray, dialysis etc.

2. Pre and post hospitalization costs

3. Domiciliary costs

4. Daycare treatment

5. Maternity benefits

6. Dental treatment

7. Spectacles or cost for contact lenses

Pre and post hospitalization cover is offered for a specific time limit.
Star Health - MediClassic Insurance Policy Star Health Insurance

1. Hospitalization expenses including room expenses, medicine and drugs, boarding costs. However, minimum 24 hours of hospitalization is required

2. Cover for non-allopathic treatments

3. 101 daycare treatment

Pre-hospitalization expenses are covered for 30 days and post hospitalization for a specific period of time. 
Future Generali Group Health Insurance Future Generali

1. It covers everything from the time of hospitalization to discharge.

2. Expenses related to blood, OT charges, diagnostic, surgery, anesthesia, x-ray, oxygen, dialysis etc.

3. Avail cashless benefits at network hospitals.

N/A
Apollo Munich Group Health Insurance Apollo Munich

1. Offers coverage for medical treatment of ailments and accidents that require ‘in-patient’ hospitalization.

2. Critical illness cover as an optional cover.

3. Covers diagnostic procedures, surgery, ICU, boarding & lodging and prosthetic expenses

Offered for a specific time-period.
Chola MS Group Health Insurance Chola MS General Insurance

1. Pre and post natal costs

2. Maternity benefits

3. Child coverage from DOB

4. Sum insured is ranging from 30,000 to 10 lakh

5. Local ambulance charges are included

Pre and post illness up to 30 and 60 days respectively.

  

Conclusion

Whether you own a small or huge business, having group health insurance is like icing on the cake! It assists an individual financially during a medical emergency and buying it for the employees can help retain the best talent and increase productivity as well.

Written By: PolicyBazaar - Updated: 26 August 2021

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
out of 5
Based on 189 reviews
38 users
136 users
15 users
0 users
0 users
3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune